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The Pension Satellite Account in the Canadian System of National Accounts
OECD Working Party on Financial Statistics
Allan Tomas
Income and Expenditure Accounts Division
Statistics Canada
December 1, 2010
Outline
Pension Satellite Account structure and the Canadian pension system
Pension Satellite Account usefulness Pension Satellite Account results SNA implementation issues Future developments
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Stock-flow matrix presentation of the pension satellite account
Opening wealth position
Inflows: contributions, investment income
Outflows: withdrawals
Revaluations and other volume changes
Closing wealth position
Social security
Employer-based plans
Individual registered saving plans
Total
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Usefulness of the Pension Satellite Account: Analysis
Changes in the pension system Personal saving and wealth evolution Forecasting economic outcomes Projecting tax revenue Impact on capital markets Sustainability and adequacy issues Pension system risk
Need for a Pension Satellite Account
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Pension Assets as a share of Household Financial Assets
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Changes to social security strategy result in accumulation of assets
Net Inflows (Contributions + Investment Income – Withdrawals), by tier
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Labour Income, Personal Expenditure and Pension Withdrawals -Using the Pension Account as an Analytical Tool
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Unfunded pension liabilities recognized in the core accounts COMPLETED
Output of pension schemes COMPLETED Actuarial valuation for employer-based defined benefit
plans and accrual basis for contributions BEING EVALUATED
Treatment of social security plans, including actuarial valuations BEING EVALUATED
Presentational issues for employer-based plans BEING EVALUATED
SNA Implementation Issues Regarding Pensions